Hedge Funds Clash Over Argentina Debt

WSJ – As Argentina struggles to stave off a second debt default in 13 years, two U.S. hedge funds are playing central but opposing roles in the country’s efforts to untangle itself from the previous crisis.

The two firms, Gramercy Funds Management LLC and Elliott Management Corp., have hundreds of millions of dollars at stake as Argentina tries to wrap up a saga that dates back to its decision to give up on its debt payments in December 2001. But the firms have taken conflicting tacks in trying to get their money back.